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Blinkx refutes blog claims about its business model

Reuters - UK Focus

LONDON, Jan 30 (Reuters) - London-listed video search and ad company Blinkx (Other OTC: BLNKF - news) said it "strongly refutes" assertions made in a blog post that raised concerns about its business model and sent shares in the company down by more than half on Thursday.

Traders had earlier cited the posting by Harvard Business School professor Benjamin Edelman as the reason for the sell-off. It questions Blinkx's advertising tactics and the value the company provided for advertisers.

"Blinkx strongly refutes the assertions made and conclusions drawn in the blog post," the company said.

"The Company confirms there has been no material change to the operational and financial performance or outlook for the business, and that Fiscal Q3 trading was in line with management expectations."

Shares in Blinkx were trading down 27 percent at 128.75 pence at 1505 GMT, having earlier touched a low of 85 pence.